As you read in Kevin Palmer’s message, in 2025 we hit $77.6 billion in multifamily volume. We owe this accomplishment to our impressive fleet of Optigo® lenders, borrowers, LIHTC syndicators and our talented staff. From rural communities to big cities, we made home possible for 616,000 families across the nation — an achievement we couldn’t have reached without all of you.

2025 Highlights

Together, we provided vital liquidity, stability and affordability to the market, and increased critical housing supply. In 2025, we:

  • Financed more than half a million rental units — the vast majority, 93%, affordable at or below 120% area median income
  • Funded $2.4 billion in forward conversions, $1.1 billion in workforce housing preservation and rate locked $4.2 billion in future forward commitments — that’s over 59,000 units of new, preserved or rehabilitated affordable housing
  • Topped another record with $1.2 billion in Low-Income Housing Tax Credit (LIHTC) equity investments — helping underserved tenants and communities where it’s needed most
  • Supported the growth of our Long-Term Financing product by closing 10 new highly flexible facilities, representing $2 billion in new funding
  • Expanded access to capital to four lenders outside of our Optigo network through our Structured transactions — three of which lenders helped close a record eight Q-Deals for a total of $2.2 billion
  • Delivered numerous product enhancements like Conventional Forwards, Optigo Lender Preferred Equity, and Borrow-Ups on Lease-Up transactions

We also continued to drive our platform efficiencies by focusing on transactions that hit the strike zone, improving the quality of our best execution. Our hit rates continue to increase year over year. In 2025, our Top Lenders on hit rate were KeyBank for Conventional and JLL for Targeted Affordable Housing (TAH).

As we continue into 2026, efficiency metrics will be as important as ever. We will continue to work on efficiencies within our own platforms, and we ask our Optigo lenders to do the same. For combined success, we need to focus on structures that will help us win transactions together. Provide us with those details upfront, and we’ll be better able to turn things quickly. We all know how important a few days can be to win or lose deals.

2025 Top Lenders

And now, queue the drum roll… We’re proud to recognize our top lenders.

Top Lenders by Volume

  • Overall: Berkadia
  • Conventional: Berkadia
  • TAH: JLL
  • Small Balance Loans: CBRE
  • Seniors Housing: Berkadia
  • Student Housing: Wells Fargo
  • Manufactured Housing Communities: Newmark
  • Facility Products: Wells Fargo

Mission Makers

  • Low-Income Housing: Berkadia
  • Very Low-Income Housing: Berkadia
  • Low-Income Housing (5-50 units): Berkadia
  • Structured Products: First Foundation
  • Forward Rate-Locks: Grandbridge
  • Workforce Housing Rent Preservation: Berkadia
  • Rural LIHTC Syndicator: WNC

Thank you for being great partners last year! To see full rankings, check out our customer appreciation page.

Now it’s time to look forward and hit the ground running. The demand for housing remains strong — we have a higher cap this year so let’s align quickly and communicate often to meet market demands and boost the supply of rental housing. Let’s get to work!